EST. 2016 · MENLO PARK

Preclinical toproof of concept.

Syndicate capital and operating partners for first-in-class therapeutics in oncology, immunology, and urology.

Submit your asset Read the Cullinan case study

400

Assets under management

Active portfolio

2016

Founded · Menlo Park

Of Taiho Pharma R&D

Mandate

We invest where the science is ready to be tested in patients.

Pre-IND through proof of concept. Oncology, immunology, urology. First-in-class molecules or new biology — not "me-too" programs targeting the same receptor with a different linker.

We syndicate, we operate, and where the asset earns it we underwrite a build-to-buy structure with our corporate parent — the same kind that built Cullinan Pearl from white paper through Taiho re-acquisition in 2023.

Portfolio

Twenty-three syndicate investments. Five clinical-stage assets. Four realized exits.

Selected and led from preclinical through proof of concept. Status reflects current public stage or last reported milestone.

Open the portfolio

P/001

Cullinan Pearl

Onc · Re-acquired · 2023

P/002

Arcus Biosciences

Onc · NYSE: RCUS

P/003

Orna Therapeutics

Plat · Series B · 2023

P/004

Harpoon Therapeutics

Onc · Acquired by Merck · 2024

P/005

ORIC Pharmaceuticals

Onc · NASDAQ: ORIC

P/006

NextCure

Onc · NASDAQ: NXTC

P/007

Werewolf Therapeutics

Imm · NASDAQ: HOWL

P/008

Magnet Biomedicine

Onc · Series A · 2023

P/009

Halda Therapeutics

Onc · Series A · 2024

P/010

Anavo Therapeutics

Plat · Series A · 2024

P/011

Breakpoint Therapeutics

Onc · Series A · 2023

P/012

Delphia Therapeutics

Onc · Series A · 2024

P/013

Dren Bio

Plat · Series B · 2023

P/014

EpiBiologics

Onc · Series A · 2024

P/015

Incendia Therapeutics

Onc · Series A · 2024

P/016

LiberoThera

Imm · Series B · 2023

P/017

Light Horse

Plat · Series A · 2024

P/018

Normunity

Imm · Series A · 2023

P/019

Storm Therapeutics

Onc · Series B · 2023

P/020

Theo Pharmaceuticals

Plat · Series A · 2024

P/021

Transition Bio

Plat · Series C · 2023

P/022

Vertero

Onc · Series A · 2024

P/023

Cellvie

Plat · Series A · 2023

Case Study

Build · Hold · Re-acquire

We led the build of Cullinan Pearl. We re-acquired it when the science was ready. Most of the work happened in the years between.

On Cullinan Pearl — Taiho Ventures × Cullinan Oncology, 2017–2024

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Editorial photo: Cullinan Pearl lab, team, or asset. Real, not stock.

Initial check: $8M · 2017 Series A lead
Re-acquisition: Taiho · 2023
Stage at exit: Phase II · zenocutuzumab

Read the Cullinan case study

Team · Partners

Operators who have written the term sheets and run the trials.

Read the team page

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Editorial portrait — Sakae Asanuma, CFA, MBA, President & CEO.
Sakae Asanuma, CFA, MBA
President & CEO
Founded Taiho Ventures in 2016; sixty-plus biotech investments across Astellas Venture and Yasuda Enterprise.
Astellas Venture Management · Yasuda Enterprise
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Editorial portrait — Seiji Miyahara, PhD, Partner & Senior Investment Director.
Seiji Miyahara, PhD
Partner & Senior Investment Director
Twelve years inside Taiho Pharmaceutical's oncology pipeline before joining at founding in 2016.
Taiho Pharmaceutical · Oncology · Hokkaido University
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Editorial portrait — Takaaki Ishii, Senior Investment Director.
Takaaki Ishii
Senior Investment Director
In-licensed AB928 from Arcus Biosciences at Taiho Pharma; oncology MSL for ABRAXANE and KEYTRUDA in Japan.
Taiho Pharmaceutical · Oncology · Arcus Biosciences (in-licensing)
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Editorial portrait — Hidefumi Kasuga, PhD, Investment Director.
Hidefumi Kasuga, PhD
Investment Director
Nine years at Taiho Pharmaceutical advancing EGFR-targeting oncology compounds before joining in 2022.
Taiho Pharmaceutical · EGFR Discovery · University of Tokyo
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Editorial portrait — Takayuki Hirano, PhD, Associate Investment Director.
Takayuki Hirano, PhD
Associate Investment Director
Fifteen-plus years in non-clinical drug development; lead toxicology on global oncology IND submissions.
Taiho Pharmaceutical · Non-clinical Development · Tokushima University

05 — Intake

Tell us about your round.

Five fields and a paragraph. We answer in five business days, including no.

Preclinical toproof of concept.

We invest where the science is ready to be tested in patients.

Twenty-three syndicate investments. Five clinical-stage assets. Four realized exits.

Operators who have written the term sheets and run the trials.

Sakae Asanuma, CFA, MBA

Seiji Miyahara, PhD

Takaaki Ishii

Hidefumi Kasuga, PhD

Takayuki Hirano, PhD

Tell us about your round.